Prospective home buyers seem to be committed to returning to the capital, as London is the most searched-for location for the second year in a row, according to Rightmove.
During the pandemic in 2021, there were months where Cornwall overtook London as the most searched-for area. However, the southwestern county has been firmly in second place for the last two years, indicating the mass exodus from cities has subsided. In fact, from 2022 to 2023, there was an 18% fall in the number of people looking to buy properties in Cornwall.
London is also the most popular location for renters according to Rightmove’s report, with Manchester and Bristol below it in the top three.
Tim Bannister, Rightmove’s Property Expert, observed that, “Many traditionally popular areas maintained their allure amongst buyers, whilst cheaper areas were also high on the list for buyers last year with affordability stretched.”
🚨 Data accurate as of the date of publication –06.02.2024
🚨Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.
Source: Quilter Financial Planning – Residential Property Review, January 2024
